While prestige suburbs have taken a hit recently, they are likely candidates for growth in one state, according to Australian Property Monitors’ Andrew Wilson.
A decrease in property values over Melbourne, with significant softening in prestige markets across the country, is making expensive suburbs in the inner city potential hotspots for the year ahead, said Mr Wilson.
“Generally, the prestige market is seeing high demand from buyers looking for quality properties in prime locations,” said Mr Wilson.
Houses in Ashburton are a good one to watch, he said, “as the price point for quality units can extend up to that of houses, despite not having much space.”
Change-up buyers are the demographic that may push price rises in these suburbs with some “good growth over the short term”.